« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  Builders may get tax sops for housing poor... I-T dept to contest ITAT order in Maya gift case... » Govt mulls tax cut on rental income for aged January, 21st 2008 Budget 2008 may bring cheer to senior citizen who let out their property on rent. The government is considering a proposal to exempt tax on rental income for senior citizens. At present, every age group enjoys tax exemption of 30% on rental income. Sources said since senior citizens own only a minority of the houses that are offered on rent, it would not put too much pressure on the exchequer if the proposal is implemented and hence, stands a good chance of approval. The National Housing and Habitat Policy has also recommended an increase of the tax exemption limit for rental income. The policy was cleared by the Cabinet in November. The ministry of urban housing and poverty alleviation is of the view that the proposal if cleared in the budget would unlock several millions of houses for rental accommodation. The ministry has also mooted a proposal to increase the tax exemption limit from 30% to 50% in case for all rental earnings. According to government estimates, around 16 million houses in the country which are unoccupied can come into circulation. Last year, the government announced levy of service tax on commercial properties. If the proposal to increase the floor for tax concession on rental income goes through it can become a revenue neutral exercise for the Centre.